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Quiz

Payment for goods and services: cash and accounts receivable

FELIPE GUARDIA 10 Fragen 5,0 (1 Bewertung)

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Fragen in diesem Quiz (10)

  1. 1[blank_start]The maker of a note[blank_end] is the person or firm making the promise to pay.
    1. AThe maker of a note
  2. 2[blank_start]Segregation of duties[blank_end] means that the person who has physical custody of an asset is not the same person who has record-keeping responsibilities for that asset.
    1. ASegregation of duties
  3. 3[blank_start]Accounts receivable[blank_end] is a current asset that arises from sales on credit; it is also the total amount customers owe the firm.
    1. AAccounts receivable
  4. 4An [blank_start]outstanding check[blank_end] is a check the firm has written but that has not yet cleared the bank. That is, the check has not been presented to the bank for payment yet.
    1. Aoutstanding check
  5. 5The [blank_start]allowance method[blank_end] is a method of accounting for bad debts in which the amount of the uncollectible accounts is estimated at the end of end accounting period.
    1. Aallowance method
  6. 6A [blank_start]bank reconciliation[blank_end] is a comparison between the cash balance in the firm´s accounting records and the cash balance on the bank statement to identify the reasons for any differences.
    1. Abank reconciliation
  7. 7Net realizable value is a bank deposit the firm has made but is not included on the month´s bank statement because the deposit did not reach the bank´s recorded-keeping department in time to be included on the current bank statement.
    1. ARichtig
    2. BFalsch
  8. 8The allowance for uncollectible accounts is a contra-asset account, the balance of which represents the total amount the firm believes it will not collect from its total accounts receivable.
    1. ARichtig
    2. BFalsch
  9. 9Bad debts are highly liquid investments with a maturity of three months or less that a firm can easily convert into a known amount of cash.
    1. ARichtig
    2. BFalsch
  10. 10[blank_start]A bank statement[blank_end] is a summary of the activity in a bank account sent each month to the account holder.
    1. AA bank statement
    2. BNet realizable
    3. CAn aging schedule
    4. DA promissory note

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Beschreibung
Vocabulary # 4
Sprache
Español
Aufrufe
62
Bewertung
5,0 von 5 · 1 Bewertung
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